Ping An Insurance (Group) Company of China, Ltd. held its 2025 performance briefing on March 27. Deputy General Manager and Chief Financial Officer Fu Xin presented five key operational metrics and business highlights. The first highlight was the new business embedded value (NBEV), which has achieved double-digit growth for three consecutive years. In 2025, NBEV increased by 29.3%, while the new business value margin rose by 5.8 percentage points to 28.5%, leading the industry. Additionally, the policy persistency ratio continues to improve.

The second highlight is the company's diversified channel development. Non-individual agency channels, including bancassurance and community finance, now account for 34% of the business and are growing steadily. The individual agency channel has recorded double-digit NBEV growth for three years in a row, the bancassurance channel saw a 138% increase in NBEV, and the community finance channel is also expanding rapidly.

In the community finance channel, services provided by 40,000 professionals have helped improve the renewal persistency ratio to its best level in a decade. The average number of comprehensive financial products held per customer has increased, leading to higher customer loyalty and retention. Top-up performance for life insurance products also outperformed the industry.

For the bancassurance channel, the new business value margin reached 28.8%, ranking first in the industry and exceeding the second-place competitor by 8 percentage points. Productivity per agent remains the highest in the sector.

The third highlight focuses on Ping An Bank's bancassurance operations. Productivity per agent leads the industry, exceeding that of top foreign insurers by tenfold, with monthly premiums per agent surpassing 300,000 yuan. Productivity per outlet also leads the sector, reflecting high value, rapid growth, and strong development momentum.

The fourth highlight is the group insurance business. Premiums have grown steadily over the past five years, and the combined ratio has reached its best level in five years. The auto insurance combined ratio leads the industry. New energy vehicle insurance grew by 39% last year, with market share continuously increasing. One in every four new energy vehicles in China is insured by Ping An, and the new energy vehicle insurance segment has achieved profitability. The average age of new energy vehicle owners is 2.5 years younger than that of traditional fuel vehicle owners.

The fifth highlight is investment performance. The comprehensive investment yield reached 6.3% in 2025, the highest level in five years. The average return over the past decade is close to 5%, exceeding actuarial assumptions. Investable assets grew by 13.2%, approaching 6.5 trillion yuan, with 73% allocated to fixed-income products. Among equity investments, 57% are held in other comprehensive income (OCI) accounts, which are not included in current profits. These holdings have generated over 90 billion yuan in unrealized gains, strengthening the balance sheet and net assets, and laying a foundation for sustainable dividends. The remaining 43% is allocated to trading equities, capturing high-growth opportunities.